The global forage feed market has been undergoing noteworthy development in the past few years. This can be accredited to the progression in farm animal production, upsurge in the global meat intake, and growing awareness regar…
BMI View: The overall level of investment in exploration and production in France remains weak and this
trend is unlikely to alter significantly without an end to political opposition to exploration of shale oil and
gas resources. Though downstream margins have benefited from cheaper oil prices, the long-term outlook
for the refining sector in France, and in Europe more widely, remains largely negative.
Latest Updates And Key Forecasts
- Political disputes continue to hold back exploration of shale gas and oil, which estimates suggest exist in
sufficient amounts in France to have a material impact on the weak existing outlook for reserves. Modest,
but notable, investment continues toward development of France's coal-bed methane deposits, but
technical and regulatory uncertainty persists, preventing any revision of our forecasts on the back of
activity for now.
- Downstream capacity and production will continue to fall with the 160,000b/d La Mede refinery set to be
converted to a biofuels plant from 2017. Further refinery closures are likely as the European market
continues to realign to competitive pressure and falling demand. Refiners will need to further specialise
to remain competitive and to adapt to the changing conditions in the European refined fuels market.